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U.S. Foreign Trade and the Balance of Payments, 1800-1913
Lipsey, Robert E. - 1994
This paper reviews the main developments in U.S. trade and the balance of payments from the first years of the 19th century to the first decade of the 20th. American export trade was dominated by agricultural and other resource products long after the majority of the labor force had shifted out...
Persistent link: https://www.econbiz.de/10012474218
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The Business Cycles of Balance-of-Payment Crises : A Revision of Mundellan Framework
Mendoza, Enrique G. - 1999
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
Persistent link: https://www.econbiz.de/10012471756
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Exchange Rate and Current Account Dynamics Under Rational Expectations : An Econometric Analysis
Papell, David H. - 1985
An econometric portfolio balance model of an open economy, incorporating exchange rate, price, and current account dynamics, is derived and estimated.The usual stability conditions do not guarantee a unique rational expectations solution, and several proposals for resolving this situation are...
Persistent link: https://www.econbiz.de/10012477508
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Asset Markets, Exchange Rates and the Balance of Payments
Frenkel, Jacob A. - 1984
This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of … of exchange rate theory, starting with the monetary approach to exchange rate determination. Issues discussed in this … framework that views the question of exchange rate determination as part of the general theory of the determination of asset …
Persistent link: https://www.econbiz.de/10012477808
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Balance-of-Payments Crises and Devaluation
Obstfeld, Maurice - 1983
The collapse of a fixed exchange rate is typically marked by a sudden balance-of-payments crisis in which"speculators" fleeing from the domestic currency acquire a large portion of the central bank's foreign exchange holdings.Faced with such an attack, the central bank often withdraws...
Persistent link: https://www.econbiz.de/10012477999
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On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory : A Rejoinder
Buiter, Willem H. - 1982
expansion appears to be the source of Kuska's erroneous indictment of "Keynesian" balance-of-payments theory.We also establish …
Persistent link: https://www.econbiz.de/10012478073
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Balance of Payments and the Foreign Exchange Market : A Dynamic Partial Equilibrium Model
Kouri, Pentti J.K. - 1981
This paper develops a dynamic partial equilibrium model of the foreign exchange market extending the standard textbook model in two respects. First, capital account transactions are explicitly incorporated into the model, and secondly, 'rational' speculative behaviour is also introduced. At a...
Persistent link: https://www.econbiz.de/10012478477
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Balance-Sheet Diversification in General Equilibrium : Identification and Network Effects
Heipertz, Jonas - 2017
The paper uses disaggregated data on asset holdings and liabilities to estimate a general equilibrium model where each institution determines the diversification and size of the asset and liability sides of its balance-sheet. The model endogenously generates two types of financial networks: (i)...
Persistent link: https://www.econbiz.de/10012455110
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Decision-Making under the Gambler's Fallacy : Evidence from Asylum Judges, Loan Officers, and Baseball Umpires
Chen, Daniel - 2016
We find consistent evidence of negative autocorrelation in decision-making that is unrelated to the merits of the cases considered in three separate high-stakes field settings: refugee asylum court decisions, loan application reviews, and major league baseball umpire pitch calls. The evidence is...
Persistent link: https://www.econbiz.de/10012026883
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Currency Areas, Labor Markets, and Regional Cyclical Sensitivity
Russ, Katheryn Niles; Shambaugh, Jay C.; Singh, Sanjay R. - National Bureau of Economic Research - 2023
In his papers during the lead up to the birth of the European Monetary Union, Obstfeld considered whether the countries forming the EMU were sufficiently similar to survive a single monetary policy--and more importantly, whether they had the capacity to adjust to asymmetric shocks given a single...
Persistent link: https://www.econbiz.de/10014337753